Banking sources say Qatari telecommunications firm has approached banks for loan
Qatari telecommunications firm Ooredoo has approached banks for a syndicated loan of up to $1 billion that will refinance existing debt, banking sources said.
The company sent out a request for proposals to around 15 banks last week with responses due this week, the bankers said. The deal is expected to have a five-year maturity, one of the bankers added.
Ooredoo was not immediately available for comment.
Ooredoo's last loan was a $1 billion, four-year facility that was signed with 14 international lenders in April 2013. That deal paid a margin of 85 basis points over LIBOR.
In December, Ooredoo secured a $1.25 billion, five-year sukuk, the firm's first Islamic bond.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.